0001564590-21-054334.txt : 20211104 0001564590-21-054334.hdr.sgml : 20211104 20211104122245 ACCESSION NUMBER: 0001564590-21-054334 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 58 CONFORMED PERIOD OF REPORT: 20210930 FILED AS OF DATE: 20211104 DATE AS OF CHANGE: 20211104 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INSIGHT ENTERPRISES INC CENTRAL INDEX KEY: 0000932696 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-CATALOG & MAIL-ORDER HOUSES [5961] IRS NUMBER: 860766246 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-25092 FILM NUMBER: 211379019 BUSINESS ADDRESS: STREET 1: 6820 SOUTH HARL AVENUE CITY: TEMPE STATE: AZ ZIP: 85283 BUSINESS PHONE: 480-902-1001 MAIL ADDRESS: STREET 1: 6820 SOUTH HARL AVENUE CITY: TEMPE STATE: AZ ZIP: 85283 10-Q 1 nsit-10q_20210930.htm 10-Q nsit-10q_20210930.htm
false Q3 0000932696 --12-31 P5D LIBOR plus 0.25% P3M P3M P1Y P1Y P1Y 0000932696 2021-01-01 2021-09-30 xbrli:shares 0000932696 2021-10-29 iso4217:USD 0000932696 2021-09-30 0000932696 2020-12-31 iso4217:USD xbrli:shares 0000932696 us-gaap:ProductMember 2021-07-01 2021-09-30 0000932696 us-gaap:ProductMember 2020-07-01 2020-09-30 0000932696 us-gaap:ProductMember 2021-01-01 2021-09-30 0000932696 us-gaap:ProductMember 2020-01-01 2020-09-30 0000932696 us-gaap:ServiceMember 2021-07-01 2021-09-30 0000932696 us-gaap:ServiceMember 2020-07-01 2020-09-30 0000932696 us-gaap:ServiceMember 2021-01-01 2021-09-30 0000932696 us-gaap:ServiceMember 2020-01-01 2020-09-30 0000932696 2021-07-01 2021-09-30 0000932696 2020-07-01 2020-09-30 0000932696 2020-01-01 2020-09-30 0000932696 us-gaap:CommonStockMember 2020-06-30 0000932696 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0000932696 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-30 0000932696 us-gaap:RetainedEarningsMember 2020-06-30 0000932696 2020-06-30 0000932696 us-gaap:CommonStockMember 2020-07-01 2020-09-30 0000932696 us-gaap:AdditionalPaidInCapitalMember 2020-07-01 2020-09-30 0000932696 us-gaap:RetainedEarningsMember 2020-07-01 2020-09-30 0000932696 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-07-01 2020-09-30 0000932696 us-gaap:CommonStockMember 2020-09-30 0000932696 us-gaap:AdditionalPaidInCapitalMember 2020-09-30 0000932696 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-09-30 0000932696 us-gaap:RetainedEarningsMember 2020-09-30 0000932696 2020-09-30 0000932696 us-gaap:CommonStockMember 2021-06-30 0000932696 us-gaap:AdditionalPaidInCapitalMember 2021-06-30 0000932696 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-06-30 0000932696 us-gaap:RetainedEarningsMember 2021-06-30 0000932696 2021-06-30 0000932696 us-gaap:CommonStockMember 2021-07-01 2021-09-30 0000932696 us-gaap:AdditionalPaidInCapitalMember 2021-07-01 2021-09-30 0000932696 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-07-01 2021-09-30 0000932696 us-gaap:RetainedEarningsMember 2021-07-01 2021-09-30 0000932696 us-gaap:CommonStockMember 2021-09-30 0000932696 us-gaap:AdditionalPaidInCapitalMember 2021-09-30 0000932696 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-09-30 0000932696 us-gaap:RetainedEarningsMember 2021-09-30 0000932696 us-gaap:CommonStockMember 2019-12-31 0000932696 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0000932696 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0000932696 us-gaap:RetainedEarningsMember 2019-12-31 0000932696 2019-12-31 0000932696 us-gaap:CommonStockMember 2020-01-01 2020-09-30 0000932696 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-09-30 0000932696 us-gaap:TreasuryStockMember 2020-01-01 2020-09-30 0000932696 us-gaap:RetainedEarningsMember 2020-01-01 2020-09-30 0000932696 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-09-30 0000932696 us-gaap:CommonStockMember 2020-12-31 0000932696 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0000932696 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0000932696 us-gaap:RetainedEarningsMember 2020-12-31 0000932696 us-gaap:CommonStockMember 2021-01-01 2021-09-30 0000932696 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-09-30 0000932696 us-gaap:TreasuryStockMember 2021-01-01 2021-09-30 0000932696 us-gaap:RetainedEarningsMember 2021-01-01 2021-09-30 0000932696 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-09-30 0000932696 nsit:AssetBasedLendingFacilityMember 2021-01-01 2021-09-30 0000932696 nsit:AssetBasedLendingFacilityMember 2020-01-01 2020-09-30 nsit:Segment 0000932696 nsit:AccountsReceivableNetMember 2021-09-30 0000932696 nsit:AccountsReceivableNetMember 2020-12-31 0000932696 us-gaap:OtherAssetsMember 2021-09-30 0000932696 us-gaap:OtherAssetsMember 2020-12-31 0000932696 nsit:AccruedExpensesAndOtherCurrentLiabilitiesAndOtherLiabilitiesMember 2021-09-30 0000932696 nsit:AccruedExpensesAndOtherCurrentLiabilitiesAndOtherLiabilitiesMember 2020-12-31 0000932696 nsit:ServicesMember 2021-10-01 2021-09-30 0000932696 nsit:ServicesMember 2022-01-01 2021-09-30 0000932696 nsit:ServicesMember 2023-01-01 2021-09-30 0000932696 nsit:ServicesMember 2024-01-01 2021-09-30 0000932696 nsit:ServicesMember 2021-09-30 nsit:Property 0000932696 us-gaap:OtherCurrentAssetsMember 2021-01-01 2021-09-30 0000932696 nsit:IrvineCaliforniaPropertyMember 2020-01-01 2020-09-30 0000932696 us-gaap:SeniorNotesMember 2021-07-01 2021-09-30 0000932696 us-gaap:SeniorNotesMember 2021-01-01 2021-09-30 0000932696 us-gaap:RestrictedStockUnitsRSUMember 2021-07-01 2021-09-30 0000932696 us-gaap:RestrictedStockUnitsRSUMember 2021-01-01 2021-09-30 0000932696 us-gaap:RestrictedStockUnitsRSUMember 2020-07-01 2020-09-30 0000932696 us-gaap:RestrictedStockUnitsRSUMember 2020-01-01 2020-09-30 0000932696 nsit:AssetBasedLendingFacilityMember 2021-09-30 0000932696 nsit:AssetBasedLendingFacilityMember 2020-12-31 0000932696 nsit:ConvertibleSeniorNotesDueTwoThousandTwentyFiveMember 2021-09-30 0000932696 nsit:ConvertibleSeniorNotesDueTwoThousandTwentyFiveMember 2020-12-31 0000932696 nsit:AssetBasedLendingFacilityMember nsit:ForeignCurrencyBorrowingsMember 2021-09-30 0000932696 nsit:AssetBasedLendingFacilityMember srt:MaximumMember 2021-01-01 2021-09-30 0000932696 nsit:ConvertibleSeniorNotesDueTwoThousandTwentyFiveMember 2019-08-31 0000932696 nsit:ConvertibleSeniorNotesDueTwoThousandTwentyFiveMember 2019-08-01 2019-08-31 xbrli:pure 0000932696 nsit:ConvertibleSeniorNotesDueTwoThousandTwentyFiveMember 2021-01-01 2021-09-30 utr:D 0000932696 nsit:ConvertibleSeniorNotesDueTwoThousandTwentyFiveMember nsit:ScenarioOneMember 2021-01-01 2021-09-30 0000932696 nsit:ConvertibleSeniorNotesDueTwoThousandTwentyFiveMember nsit:ScenarioTwoMember 2021-01-01 2021-09-30 nsit:Noteholder 0000932696 srt:MaximumMember nsit:ConvertibleSeniorNotesDueTwoThousandTwentyFiveMember 2021-01-01 2021-09-30 0000932696 nsit:CanadaFacilityMember 2021-06-28 0000932696 nsit:CanadaFacilityMember 2021-06-28 2021-06-28 0000932696 nsit:InventoryFinancingFacilityMember 2021-09-30 0000932696 nsit:InventoryFinancingFacilityMember nsit:PNCFacilityMember 2021-01-01 2021-09-30 0000932696 nsit:UnsecuredInventoryFinancingFacilityMember nsit:MUFGBankLimitedMember 2021-01-01 2021-09-30 0000932696 nsit:UnsecuredInventoryFinancingFacilityMember nsit:MUFGBankLimitedMember 2021-08-05 0000932696 nsit:UnsecuredInventoryFinancingFacilityMember nsit:MUFGBankLimitedMember 2021-08-06 0000932696 nsit:UnsecuredInventoryFinancingFacilityMember nsit:PNCFacilityMember 2021-08-06 0000932696 nsit:UnsecuredInventoryFinancingFacilityMember nsit:CanadaFacilityMember 2021-06-28 0000932696 nsit:UnsecuredInventoryFinancingFacilityMember nsit:EMEAFacilitiesMember 2021-08-06 0000932696 nsit:UnsecuredInventoryFinancingFacilityMember nsit:EMEAFacilitiesMember 2021-01-01 2021-09-30 0000932696 us-gaap:EarliestTaxYearMember 2021-01-01 2021-09-30 0000932696 us-gaap:LatestTaxYearMember 2021-01-01 2021-09-30 0000932696 2021-05-06 0000932696 2020-02-26 0000932696 nsit:FebruaryTwoThousandAndTwentyShareRepurchasePlanMember 2021-05-06 0000932696 srt:MinimumMember 2021-01-01 2021-09-30 0000932696 srt:MaximumMember 2021-01-01 2021-09-30 0000932696 nsit:HardwareNetSalesMember nsit:NorthAmericaSegmentMember 2021-07-01 2021-09-30 0000932696 nsit:HardwareNetSalesMember nsit:EMEASegmentMember 2021-07-01 2021-09-30 0000932696 nsit:HardwareNetSalesMember nsit:APACSegmentMember 2021-07-01 2021-09-30 0000932696 nsit:HardwareNetSalesMember 2021-07-01 2021-09-30 0000932696 nsit:SoftwareNetSalesMember nsit:NorthAmericaSegmentMember 2021-07-01 2021-09-30 0000932696 nsit:SoftwareNetSalesMember nsit:EMEASegmentMember 2021-07-01 2021-09-30 0000932696 nsit:SoftwareNetSalesMember nsit:APACSegmentMember 2021-07-01 2021-09-30 0000932696 nsit:SoftwareNetSalesMember 2021-07-01 2021-09-30 0000932696 nsit:ServicesNetSalesMember nsit:NorthAmericaSegmentMember 2021-07-01 2021-09-30 0000932696 nsit:ServicesNetSalesMember nsit:EMEASegmentMember 2021-07-01 2021-09-30 0000932696 nsit:ServicesNetSalesMember nsit:APACSegmentMember 2021-07-01 2021-09-30 0000932696 nsit:ServicesNetSalesMember 2021-07-01 2021-09-30 0000932696 nsit:NorthAmericaSegmentMember 2021-07-01 2021-09-30 0000932696 nsit:EMEASegmentMember 2021-07-01 2021-09-30 0000932696 nsit:APACSegmentMember 2021-07-01 2021-09-30 0000932696 nsit:LargeEnterpriseCorporateMember nsit:NorthAmericaSegmentMember 2021-07-01 2021-09-30 0000932696 nsit:LargeEnterpriseCorporateMember nsit:EMEASegmentMember 2021-07-01 2021-09-30 0000932696 nsit:LargeEnterpriseCorporateMember nsit:APACSegmentMember 2021-07-01 2021-09-30 0000932696 nsit:LargeEnterpriseCorporateMember 2021-07-01 2021-09-30 0000932696 nsit:CommercialMember nsit:NorthAmericaSegmentMember 2021-07-01 2021-09-30 0000932696 nsit:CommercialMember nsit:EMEASegmentMember 2021-07-01 2021-09-30 0000932696 nsit:CommercialMember nsit:APACSegmentMember 2021-07-01 2021-09-30 0000932696 nsit:CommercialMember 2021-07-01 2021-09-30 0000932696 nsit:PublicSectorMember nsit:NorthAmericaSegmentMember 2021-07-01 2021-09-30 0000932696 nsit:PublicSectorMember nsit:EMEASegmentMember 2021-07-01 2021-09-30 0000932696 nsit:PublicSectorMember nsit:APACSegmentMember 2021-07-01 2021-09-30 0000932696 nsit:PublicSectorMember 2021-07-01 2021-09-30 0000932696 us-gaap:SalesChannelDirectlyToConsumerMember nsit:NorthAmericaSegmentMember 2021-07-01 2021-09-30 0000932696 us-gaap:SalesChannelDirectlyToConsumerMember nsit:EMEASegmentMember 2021-07-01 2021-09-30 0000932696 us-gaap:SalesChannelDirectlyToConsumerMember nsit:APACSegmentMember 2021-07-01 2021-09-30 0000932696 us-gaap:SalesChannelDirectlyToConsumerMember 2021-07-01 2021-09-30 0000932696 us-gaap:SalesChannelThroughIntermediaryMember nsit:NorthAmericaSegmentMember 2021-07-01 2021-09-30 0000932696 us-gaap:SalesChannelThroughIntermediaryMember nsit:EMEASegmentMember 2021-07-01 2021-09-30 0000932696 us-gaap:SalesChannelThroughIntermediaryMember nsit:APACSegmentMember 2021-07-01 2021-09-30 0000932696 us-gaap:SalesChannelThroughIntermediaryMember 2021-07-01 2021-09-30 0000932696 nsit:HardwareNetSalesMember nsit:NorthAmericaSegmentMember 2020-07-01 2020-09-30 0000932696 nsit:HardwareNetSalesMember nsit:EMEASegmentMember 2020-07-01 2020-09-30 0000932696 nsit:HardwareNetSalesMember nsit:APACSegmentMember 2020-07-01 2020-09-30 0000932696 nsit:HardwareNetSalesMember 2020-07-01 2020-09-30 0000932696 nsit:SoftwareNetSalesMember nsit:NorthAmericaSegmentMember 2020-07-01 2020-09-30 0000932696 nsit:SoftwareNetSalesMember nsit:EMEASegmentMember 2020-07-01 2020-09-30 0000932696 nsit:SoftwareNetSalesMember nsit:APACSegmentMember 2020-07-01 2020-09-30 0000932696 nsit:SoftwareNetSalesMember 2020-07-01 2020-09-30 0000932696 nsit:ServicesNetSalesMember nsit:NorthAmericaSegmentMember 2020-07-01 2020-09-30 0000932696 nsit:ServicesNetSalesMember nsit:EMEASegmentMember 2020-07-01 2020-09-30 0000932696 nsit:ServicesNetSalesMember nsit:APACSegmentMember 2020-07-01 2020-09-30 0000932696 nsit:ServicesNetSalesMember 2020-07-01 2020-09-30 0000932696 nsit:NorthAmericaSegmentMember 2020-07-01 2020-09-30 0000932696 nsit:EMEASegmentMember 2020-07-01 2020-09-30 0000932696 nsit:APACSegmentMember 2020-07-01 2020-09-30 0000932696 nsit:LargeEnterpriseCorporateMember nsit:NorthAmericaSegmentMember 2020-07-01 2020-09-30 0000932696 nsit:LargeEnterpriseCorporateMember nsit:EMEASegmentMember 2020-07-01 2020-09-30 0000932696 nsit:LargeEnterpriseCorporateMember nsit:APACSegmentMember 2020-07-01 2020-09-30 0000932696 nsit:LargeEnterpriseCorporateMember 2020-07-01 2020-09-30 0000932696 nsit:CommercialMember nsit:NorthAmericaSegmentMember 2020-07-01 2020-09-30 0000932696 nsit:CommercialMember nsit:EMEASegmentMember 2020-07-01 2020-09-30 0000932696 nsit:CommercialMember nsit:APACSegmentMember 2020-07-01 2020-09-30 0000932696 nsit:CommercialMember 2020-07-01 2020-09-30 0000932696 nsit:PublicSectorMember nsit:NorthAmericaSegmentMember 2020-07-01 2020-09-30 0000932696 nsit:PublicSectorMember nsit:EMEASegmentMember 2020-07-01 2020-09-30 0000932696 nsit:PublicSectorMember nsit:APACSegmentMember 2020-07-01 2020-09-30 0000932696 nsit:PublicSectorMember 2020-07-01 2020-09-30 0000932696 us-gaap:SalesChannelDirectlyToConsumerMember nsit:NorthAmericaSegmentMember 2020-07-01 2020-09-30 0000932696 us-gaap:SalesChannelDirectlyToConsumerMember nsit:EMEASegmentMember 2020-07-01 2020-09-30 0000932696 us-gaap:SalesChannelDirectlyToConsumerMember nsit:APACSegmentMember 2020-07-01 2020-09-30 0000932696 us-gaap:SalesChannelDirectlyToConsumerMember 2020-07-01 2020-09-30 0000932696 us-gaap:SalesChannelThroughIntermediaryMember nsit:NorthAmericaSegmentMember 2020-07-01 2020-09-30 0000932696 us-gaap:SalesChannelThroughIntermediaryMember nsit:EMEASegmentMember 2020-07-01 2020-09-30 0000932696 us-gaap:SalesChannelThroughIntermediaryMember nsit:APACSegmentMember 2020-07-01 2020-09-30 0000932696 us-gaap:SalesChannelThroughIntermediaryMember 2020-07-01 2020-09-30 0000932696 nsit:HardwareNetSalesMember nsit:NorthAmericaSegmentMember 2021-01-01 2021-09-30 0000932696 nsit:HardwareNetSalesMember nsit:EMEASegmentMember 2021-01-01 2021-09-30 0000932696 nsit:HardwareNetSalesMember nsit:APACSegmentMember 2021-01-01 2021-09-30 0000932696 nsit:HardwareNetSalesMember 2021-01-01 2021-09-30 0000932696 nsit:SoftwareNetSalesMember nsit:NorthAmericaSegmentMember 2021-01-01 2021-09-30 0000932696 nsit:SoftwareNetSalesMember nsit:EMEASegmentMember 2021-01-01 2021-09-30 0000932696 nsit:SoftwareNetSalesMember nsit:APACSegmentMember 2021-01-01 2021-09-30 0000932696 nsit:SoftwareNetSalesMember 2021-01-01 2021-09-30 0000932696 nsit:ServicesNetSalesMember nsit:NorthAmericaSegmentMember 2021-01-01 2021-09-30 0000932696 nsit:ServicesNetSalesMember nsit:EMEASegmentMember 2021-01-01 2021-09-30 0000932696 nsit:ServicesNetSalesMember nsit:APACSegmentMember 2021-01-01 2021-09-30 0000932696 nsit:ServicesNetSalesMember 2021-01-01 2021-09-30 0000932696 nsit:NorthAmericaSegmentMember 2021-01-01 2021-09-30 0000932696 nsit:EMEASegmentMember 2021-01-01 2021-09-30 0000932696 nsit:APACSegmentMember 2021-01-01 2021-09-30 0000932696 nsit:LargeEnterpriseCorporateMember nsit:NorthAmericaSegmentMember 2021-01-01 2021-09-30 0000932696 nsit:LargeEnterpriseCorporateMember nsit:EMEASegmentMember 2021-01-01 2021-09-30 0000932696 nsit:LargeEnterpriseCorporateMember nsit:APACSegmentMember 2021-01-01 2021-09-30 0000932696 nsit:LargeEnterpriseCorporateMember 2021-01-01 2021-09-30 0000932696 nsit:CommercialMember nsit:NorthAmericaSegmentMember 2021-01-01 2021-09-30 0000932696 nsit:CommercialMember nsit:EMEASegmentMember 2021-01-01 2021-09-30 0000932696 nsit:CommercialMember nsit:APACSegmentMember 2021-01-01 2021-09-30 0000932696 nsit:CommercialMember 2021-01-01 2021-09-30 0000932696 nsit:PublicSectorMember nsit:NorthAmericaSegmentMember 2021-01-01 2021-09-30 0000932696 nsit:PublicSectorMember nsit:EMEASegmentMember 2021-01-01 2021-09-30 0000932696 nsit:PublicSectorMember nsit:APACSegmentMember 2021-01-01 2021-09-30 0000932696 nsit:PublicSectorMember 2021-01-01 2021-09-30 0000932696 us-gaap:SalesChannelDirectlyToConsumerMember nsit:NorthAmericaSegmentMember 2021-01-01 2021-09-30 0000932696 us-gaap:SalesChannelDirectlyToConsumerMember nsit:EMEASegmentMember 2021-01-01 2021-09-30 0000932696 us-gaap:SalesChannelDirectlyToConsumerMember nsit:APACSegmentMember 2021-01-01 2021-09-30 0000932696 us-gaap:SalesChannelDirectlyToConsumerMember 2021-01-01 2021-09-30 0000932696 us-gaap:SalesChannelThroughIntermediaryMember nsit:NorthAmericaSegmentMember 2021-01-01 2021-09-30 0000932696 us-gaap:SalesChannelThroughIntermediaryMember nsit:EMEASegmentMember 2021-01-01 2021-09-30 0000932696 us-gaap:SalesChannelThroughIntermediaryMember nsit:APACSegmentMember 2021-01-01 2021-09-30 0000932696 us-gaap:SalesChannelThroughIntermediaryMember 2021-01-01 2021-09-30 0000932696 nsit:HardwareNetSalesMember nsit:NorthAmericaSegmentMember 2020-01-01 2020-09-30 0000932696 nsit:HardwareNetSalesMember nsit:EMEASegmentMember 2020-01-01 2020-09-30 0000932696 nsit:HardwareNetSalesMember nsit:APACSegmentMember 2020-01-01 2020-09-30 0000932696 nsit:HardwareNetSalesMember 2020-01-01 2020-09-30 0000932696 nsit:SoftwareNetSalesMember nsit:NorthAmericaSegmentMember 2020-01-01 2020-09-30 0000932696 nsit:SoftwareNetSalesMember nsit:EMEASegmentMember 2020-01-01 2020-09-30 0000932696 nsit:SoftwareNetSalesMember nsit:APACSegmentMember 2020-01-01 2020-09-30 0000932696 nsit:SoftwareNetSalesMember 2020-01-01 2020-09-30 0000932696 nsit:ServicesNetSalesMember nsit:NorthAmericaSegmentMember 2020-01-01 2020-09-30 0000932696 nsit:ServicesNetSalesMember nsit:EMEASegmentMember 2020-01-01 2020-09-30 0000932696 nsit:ServicesNetSalesMember nsit:APACSegmentMember 2020-01-01 2020-09-30 0000932696 nsit:ServicesNetSalesMember 2020-01-01 2020-09-30 0000932696 nsit:NorthAmericaSegmentMember 2020-01-01 2020-09-30 0000932696 nsit:EMEASegmentMember 2020-01-01 2020-09-30 0000932696 nsit:APACSegmentMember 2020-01-01 2020-09-30 0000932696 nsit:LargeEnterpriseCorporateMember nsit:NorthAmericaSegmentMember 2020-01-01 2020-09-30 0000932696 nsit:LargeEnterpriseCorporateMember nsit:EMEASegmentMember 2020-01-01 2020-09-30 0000932696 nsit:LargeEnterpriseCorporateMember nsit:APACSegmentMember 2020-01-01 2020-09-30 0000932696 nsit:LargeEnterpriseCorporateMember 2020-01-01 2020-09-30 0000932696 nsit:CommercialMember nsit:NorthAmericaSegmentMember 2020-01-01 2020-09-30 0000932696 nsit:CommercialMember nsit:EMEASegmentMember 2020-01-01 2020-09-30 0000932696 nsit:CommercialMember nsit:APACSegmentMember 2020-01-01 2020-09-30 0000932696 nsit:CommercialMember 2020-01-01 2020-09-30 0000932696 nsit:PublicSectorMember nsit:NorthAmericaSegmentMember 2020-01-01 2020-09-30 0000932696 nsit:PublicSectorMember nsit:EMEASegmentMember 2020-01-01 2020-09-30 0000932696 nsit:PublicSectorMember nsit:APACSegmentMember 2020-01-01 2020-09-30 0000932696 nsit:PublicSectorMember 2020-01-01 2020-09-30 0000932696 us-gaap:SalesChannelDirectlyToConsumerMember nsit:NorthAmericaSegmentMember 2020-01-01 2020-09-30 0000932696 us-gaap:SalesChannelDirectlyToConsumerMember nsit:EMEASegmentMember 2020-01-01 2020-09-30 0000932696 us-gaap:SalesChannelDirectlyToConsumerMember nsit:APACSegmentMember 2020-01-01 2020-09-30 0000932696 us-gaap:SalesChannelDirectlyToConsumerMember 2020-01-01 2020-09-30 0000932696 us-gaap:SalesChannelThroughIntermediaryMember nsit:NorthAmericaSegmentMember 2020-01-01 2020-09-30 0000932696 us-gaap:SalesChannelThroughIntermediaryMember nsit:EMEASegmentMember 2020-01-01 2020-09-30 0000932696 us-gaap:SalesChannelThroughIntermediaryMember nsit:APACSegmentMember 2020-01-01 2020-09-30 0000932696 us-gaap:SalesChannelThroughIntermediaryMember 2020-01-01 2020-09-30 0000932696 us-gaap:ProductMember nsit:NorthAmericaSegmentMember 2021-07-01 2021-09-30 0000932696 us-gaap:ProductMember nsit:EMEASegmentMember 2021-07-01 2021-09-30 0000932696 us-gaap:ProductMember nsit:APACSegmentMember 2021-07-01 2021-09-30 0000932696 us-gaap:ServiceMember nsit:NorthAmericaSegmentMember 2021-07-01 2021-09-30 0000932696 us-gaap:ServiceMember nsit:EMEASegmentMember 2021-07-01 2021-09-30 0000932696 us-gaap:ServiceMember nsit:APACSegmentMember 2021-07-01 2021-09-30 0000932696 nsit:NorthAmericaSegmentMember us-gaap:ProductMember 2020-07-01 2020-09-30 0000932696 nsit:EMEASegmentMember us-gaap:ProductMember 2020-07-01 2020-09-30 0000932696 nsit:APACSegmentMember us-gaap:ProductMember 2020-07-01 2020-09-30 0000932696 nsit:NorthAmericaSegmentMember us-gaap:ServiceMember 2020-07-01 2020-09-30 0000932696 nsit:EMEASegmentMember us-gaap:ServiceMember 2020-07-01 2020-09-30 0000932696 nsit:APACSegmentMember us-gaap:ServiceMember 2020-07-01 2020-09-30 0000932696 us-gaap:ProductMember nsit:NorthAmericaSegmentMember 2021-01-01 2021-09-30 0000932696 us-gaap:ProductMember nsit:EMEASegmentMember 2021-01-01 2021-09-30 0000932696 us-gaap:ProductMember nsit:APACSegmentMember 2021-01-01 2021-09-30 0000932696 us-gaap:ServiceMember nsit:NorthAmericaSegmentMember 2021-01-01 2021-09-30 0000932696 us-gaap:ServiceMember nsit:EMEASegmentMember 2021-01-01 2021-09-30 0000932696 us-gaap:ServiceMember nsit:APACSegmentMember 2021-01-01 2021-09-30 0000932696 us-gaap:ProductMember nsit:NorthAmericaSegmentMember 2020-01-01 2020-09-30 0000932696 us-gaap:ProductMember nsit:EMEASegmentMember 2020-01-01 2020-09-30 0000932696 us-gaap:ProductMember nsit:APACSegmentMember 2020-01-01 2020-09-30 0000932696 us-gaap:ServiceMember nsit:NorthAmericaSegmentMember 2020-01-01 2020-09-30 0000932696 us-gaap:ServiceMember nsit:EMEASegmentMember 2020-01-01 2020-09-30 0000932696 us-gaap:ServiceMember nsit:APACSegmentMember 2020-01-01 2020-09-30 0000932696 us-gaap:OperatingSegmentsMember nsit:NorthAmericaSegmentMember 2021-09-30 0000932696 us-gaap:OperatingSegmentsMember nsit:NorthAmericaSegmentMember 2020-12-31 0000932696 us-gaap:OperatingSegmentsMember nsit:EMEASegmentMember 2021-09-30 0000932696 us-gaap:OperatingSegmentsMember nsit:EMEASegmentMember 2020-12-31 0000932696 us-gaap:OperatingSegmentsMember nsit:APACSegmentMember 2021-09-30 0000932696 us-gaap:OperatingSegmentsMember nsit:APACSegmentMember 2020-12-31 0000932696 us-gaap:IntersegmentEliminationMember 2021-09-30 0000932696 us-gaap:IntersegmentEliminationMember 2020-12-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

 

WASHINGTON, D.C.  20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: September 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to            

Commission File Number:  0-25092

INSIGHT ENTERPRISES, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

86-0766246

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification Number)

 

6820 South Harl Avenue, Tempe, Arizona 85283

(Address of principal executive offices) (Zip Code)

(480) 333-3000

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Common stock, par value $0.01

 

NSIT

 

The NASDAQ Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Yes     

 

No     

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

Yes     

 

No     

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

Non-accelerated filer            

 

 

Smaller reporting company

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Yes     

 

No     

 

The number of shares outstanding of the issuer’s common stock as of October 29, 2021 was 34,885,813.

 


 

 

 

INSIGHT ENTERPRISES, INC.

QUARTERLY REPORT ON FORM 10-Q

Three Months Ended September 30, 2021

 

TABLE OF CONTENTS

 

 

 

 

 

Page

PART I -

 

Financial Information

 

 

 

 

 

 

 

Item 1 –

 

Financial Statements:

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheets (unaudited) – September 30, 2021 and December 31, 2020

 

1

 

 

 

 

 

 

 

Consolidated Statements of Operations (unaudited) – Three and Nine Months Ended September 30, 2021 and 2020

 

2

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income (unaudited) – Three and Nine Months Ended September 30, 2021 and 2020

 

3

 

 

 

 

 

 

 

Consolidated Statements of Stockholders’ Equity (unaudited) – Three and Nine Months Ended September 30, 2021 and 2020

 

4

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows (unaudited) – Nine Months Ended September 30, 2021 and 2020

 

5

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (unaudited)

 

6

 

 

 

 

 

Item 2 –

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

20

 

 

 

 

 

Item 3 –

 

Quantitative and Qualitative Disclosures About Market Risk

 

35

 

 

 

 

 

Item 4 –

 

Controls and Procedures

 

35

 

 

 

 

 

PART II -

 

Other Information

 

36

 

 

 

 

 

Item 1 –

 

Legal Proceedings

 

36

 

 

 

 

 

Item 1A –

 

Risk Factors

 

36

 

 

 

 

 

Item 2 –

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

36

 

 

 

 

 

Item 3 –

 

Defaults Upon Senior Securities

 

37

 

 

 

 

 

Item 4 –

 

Mine Safety Disclosures

 

37

 

 

 

 

 

Item 5 –

 

Other Information

 

37

 

 

 

 

 

Item 6 –

 

Exhibits

 

38

 

 

 

 

 

Signatures

 

39

 

 

 

 


INSIGHT ENTERPRISES, INC.

 

 

Forward-Looking Information

References to “the Company,” “Insight,” “we,” “us,” “our” and other similar words refer to Insight Enterprises, Inc. and its consolidated subsidiaries, unless the context suggests otherwise.  Certain statements in this Quarterly Report on Form 10-Q, including statements in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part I, Item 2 of this report, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements may include: projections of, and matters that affect, net sales, gross profit, gross margin, operating expenses, earnings from operations, non-operating income and expenses, net earnings or cash flows, cash needs and the payment of accrued expenses and liabilities; our future responses to and the potential impact of coronavirus strain COVID-19 (“COVID-19”) on our Company; our expectations regarding current supply constraints; the expected effects of seasonality on our business; expectations of further consolidation and trends in the Information Technology (“IT”) industry; our business strategy and our strategic initiatives, including our efforts to grow our core business in the current environment, develop and grow our global cloud business and build scalable solutions; expectations regarding the impact of partner incentives; our expectations about future benefits of our acquisitions and our plans related thereto, including potential expansion into wider regions; the increasing demand for big data solutions; the availability of competitive sources of products for our purchase and resale; our intentions concerning the payment of dividends; our acquisition strategy; our ability to offset the effects of inflation and manage any increase in interest rates; projections of capital expenditures; our plans to continue to evolve our IT systems, including migration of EMEA’s current system; our liquidity and the sufficiency of our capital resources, the availability of financing and our needs or plans relating thereto; the effects of new accounting principles and expected dates of adoption; the effect of indemnification obligations; projections about the outcome of ongoing tax audits; our expectations regarding future tax rates; adequate provisions for and our positions and strategies with respect to ongoing and threatened litigation and expected outcomes; our ability to expand our client relationships; our expectations that pricing pressures in the IT industry will continue; our plans to use cash flow from operations for working capital, to pay down debt, make capital expenditures, fund acquisitions, and repurchase shares of our common stock; our belief that our office facilities are adequate and that we will be able to extend our current leases or locate substitute facilities on satisfactory terms; our belief that we have adequate provisions for losses; our expectation that we will not incur interest payments under our inventory financing facilities; our expectations that future income will be sufficient to fully recover deferred tax assets; our exposure to off-balance sheet arrangements; statements of belief; and statements of assumptions underlying any of the foregoing.  Forward-looking statements are identified by such words as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” “project,” “will,” “may” and variations of such words and similar expressions and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified.  Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.  There can be no assurances that results described in forward-looking statements will be achieved, and actual results could differ materially from those suggested by the forward-looking statements.  Some of the important factors that could cause our actual results to differ materially from those projected in any forward-looking statements include, but are not limited to, the following, which are discussed in “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020:

 

 

actions of our competitors, including manufacturers and publishers of products we sell;

 

our reliance on our partners for product availability, competitive products to sell and marketing funds and purchasing incentives, which can change significantly in the amounts made available and in the requirements year over year;

 

the duration and severity of the COVID-19 pandemic and its effects on our business, results of operations and financial condition, as well as the widespread outbreak of any other illnesses or communicable diseases;

 

general economic conditions, economic uncertainties and changes in geopolitical conditions;

 

 


INSIGHT ENTERPRISES, INC.

 

 

 

changes in the IT Industry and/or rapid changes in technology;

 

supply constraints for hardware including devices;

 

accounts receivable risks, including increased credit loss experience or extended payment terms with our clients;

 

our reliance on independent shipping companies;

 

the risks associated with our international operations;

 

natural disasters or other adverse occurrences;

 

disruptions in our IT systems and voice and data networks;

 

cyberattacks or breaches of data privacy and security regulations;

 

intellectual property infringement claims and challenges to our registered trademarks and trade names;

 

legal proceedings, including PCM related litigation, client audits and failure to comply with laws and regulations;

 

failure to comply with the terms and conditions of our commercial and public sector contracts;

 

exposure to changes in, interpretations of, or enforcement trends related to tax rules and regulations;

 

our potential to draw down a substantial amount of indebtedness;

 

the conditional conversion feature of the convertible senior notes (the “Notes”), which has been triggered, may adversely affect the Company’s financial condition and operating results;

 

the accounting method for convertible debt securities that may be settled in cash, such as the Notes, could have a material effect on the Company’s reported financial results;

 

the Company is subject to counterparty risk with respect to certain hedge and warrant transactions entered into in connection with the issuance of the Notes (the “Call Spread Transactions”);

 

risks associated with the discontinuation of LIBOR as a benchmark rate;

 

increased debt and interest expense and decreased availability of funds under our financing facilities;

 

possible significant fluctuations in our future operating results as well as seasonality and variability in customer demands;

 

our dependence on certain key personnel;

 

risks associated with the integration and operation of acquired businesses and the achievement of expected synergies and benefits; and

 

future sales of the Company’s common stock or equity-linked securities in the public market could lower the market price for our common stock.

 

Additionally, there may be other risks that are otherwise described from time to time in the reports that we file with the Securities and Exchange Commission (the “SEC”).  Any forward-looking statements in this report are made as of the date of this filing and should be considered in light of various important factors, including the risks and uncertainties listed above, as well as others.  We assume no obligation to update, and, except as may be required by law, do not intend to update, any forward-looking statements.  We do not endorse any projections regarding future performance that may be made by third parties.

 

 

 


 

 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

INSIGHT ENTERPRISES, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

(unaudited)

 

 

 

September 30,

2021

 

 

December 31,

2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

107,350

 

 

$

128,313

 

Accounts receivable, net of allowance for doubtful accounts

   of $15,919 and $15,106, respectively

 

 

2,754,153

 

 

 

2,685,448

 

Inventories

 

 

269,471

 

 

 

185,650

 

Other current assets

 

 

192,018

 

 

 

177,039

 

Total current assets

 

 

3,322,992

 

 

$

3,176,450

 

Property and equipment, net of accumulated depreciation and

   amortization of $247,605 and $256,065, respectively

 

 

152,070

 

 

 

146,016

 

Goodwill

 

 

428,637

 

 

 

429,368

 

Intangible assets, net of accumulated amortization of

   $102,588 and $103,483, respectively

 

 

223,496

 

 

 

246,915

 

Other assets

 

 

308,183

 

 

 

311,983

 

 

 

$

4,435,378

 

 

$

4,310,732

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable—trade

 

$

1,363,325

 

 

$

1,461,312

 

Accounts payable—inventory financing facilities

 

 

403,094

 

 

 

356,930

 

Accrued expenses and other current liabilities

 

 

379,302

 

 

 

408,117

 

Current portion of long-term debt

 

 

38

 

 

 

1,105

 

Total current liabilities

 

 

2,145,759

 

 

 

2,227,464

 

Long-term debt

 

 

527,499

 

 

 

437,581

 

Deferred income taxes

 

 

37,140

 

 

 

33,209

 

Other liabilities

 

 

276,058

 

 

 

270,049

 

 

 

 

2,986,456

 

 

 

2,968,303

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value, 3,000 shares authorized;

   no shares issued

 

 

 

 

 

 

Common stock, $0.01 par value, 100,000 shares authorized;

   34,885 shares at September 30, 2021 and 35,103 shares at

   December 31, 2020 issued and outstanding

 

 

349

 

 

 

351

 

Additional paid-in capital

 

 

364,699

 

 

 

364,288

 

Retained earnings

 

 

1,105,557

 

 

 

993,245

 

Accumulated other comprehensive loss – foreign currency

   translation adjustments

 

 

(21,683

)

 

 

(15,455

)

Total stockholders’ equity

 

 

1,448,922

 

 

 

1,342,429

 

 

 

$

4,435,378

 

 

$

4,310,732

 

 

See accompanying notes to consolidated financial statements.

1


 

INSIGHT ENTERPRISES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

$

2,124,239

 

 

$

1,661,568

 

 

$

5,906,437

 

 

$

5,182,817

 

Services

 

 

323,282

 

 

 

274,910

 

 

 

963,653

 

 

 

866,447

 

Total net sales

 

 

2,447,521

 

 

 

1,936,478

 

 

 

6,870,090

 

 

 

6,049,264

 

Costs of goods sold:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

 

1,930,096

 

 

 

1,500,312

 

 

 

5,367,083

 

 

 

4,688,497

 

Services

 

 

152,880

 

 

 

128,603

 

 

 

440,305

 

 

 

403,479

 

Total costs of goods sold

 

 

2,082,976

 

 

 

1,628,915

 

 

 

5,807,388

 

 

 

5,091,976

 

Gross profit

 

 

364,545

 

 

 

307,563

 

 

 

1,062,702

 

 

 

957,288

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling and administrative expenses

 

 

278,998

 

 

 

245,155

 

 

 

827,275

 

 

 

756,598

 

Severance and restructuring expenses, net

 

 

2,396

 

 

 

808

 

 

 

(3,217

)

 

 

9,962

 

Acquisition and integration related expenses

 

 

 

 

 

118

 

 

 

 

 

 

2,195

 

Earnings from operations

 

 

83,151

 

 

 

61,482

 

 

 

238,644

 

 

 

188,533

 

Non-operating (income) expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

10,332

 

 

 

9,115

 

 

 

29,884

 

 

 

31,160

 

Other expense (income), net

 

 

(1,589

)

 

 

1,301

 

 

 

(855

)

 

 

836

 

Earnings before income taxes

 

 

74,408

 

 

 

51,066

 

 

 

209,615

 

 

 

156,537

 

Income tax expense

 

 

18,925

 

 

 

12,160

 

 

 

52,403

 

 

 

37,285

 

Net earnings

 

$

55,483

 

 

$

38,906

 

 

$

157,212

 

 

$

119,252

 

Net earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.59

 

 

$

1.11

 

 

$

4.49

 

 

$

3.40

 

Diluted

 

$

1.51

 

 

$

1.10

 

 

$

4.27

 

 

$

3.37

 

Shares used in per share calculations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

34,855

 

 

 

35,077

 

 

 

35,050

 

 

 

35,123

 

Diluted

 

 

36,745

 

 

 

35,348

 

 

 

36,860

 

 

 

35,418

 

 

See accompanying notes to consolidated financial statements.

2

 


 

INSIGHT ENTERPRISES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(unaudited)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net earnings

 

$

55,483

 

 

$

38,906

 

 

$

157,212

 

 

$

119,252

 

Other comprehensive (loss) income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(11,676

)

 

 

12,492

 

 

 

(6,228

)

 

 

2,280

 

Total comprehensive income

 

$

43,807

 

 

$

51,398

 

 

$

150,984

 

 

$

121,532

 

 

See accompanying notes to consolidated financial statements.

 


3

 


 

 

INSIGHT ENTERPRISES, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands)

(unaudited)

 

 

 

 

Common Stock

 

 

Treasury Stock

 

 

Additional

Paid-in

 

 

Accumulated

Other

Comprehensive

 

 

Retained

 

 

Total

Stockholders'

 

 

 

Shares

 

 

Par Value

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Earnings

 

 

Equity

 

Balances at June 30, 2020

 

 

35,070

 

 

$

351

 

 

 

 

 

$

 

 

$

354,431

 

 

$

(48,376

)

 

$

900,950

 

 

$

1,207,356

 

Issuance of common stock under employee stock plans, net of shares withheld for payroll taxes

 

 

20

 

 

 

 

 

 

 

 

 

 

 

 

(377

)

 

 

 

 

 

1

 

 

 

(376

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,513

 

 

 

 

 

 

 

 

 

4,513

 

Foreign currency translation adjustments, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,492

 

 

 

 

 

 

12,492

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38,906

 

 

 

38,906

 

Balances at September 30, 2020

 

 

35,090

 

 

$

351

 

 

 

 

 

$

 

 

$

358,567

 

 

$

(35,884

)

 

$

939,857

 

 

$

1,262,891

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at June 30, 2021

 

 

34,845

 

 

$

348

 

 

 

 

$                                 —

 

 

$

361,412

 

 

$

(10,007

)

 

$

1,050,074

 

 

$

1,401,827

 

Issuance of common stock under employee stock plans, net of shares withheld for payroll taxes

 

 

40

 

 

 

1

 

 

 

 

 

 

 

(1,288

)

 

 

 

 

 

 

(1,287

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

4,575

 

 

 

 

 

 

 

4,575

 

Foreign currency translation adjustments, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

(11,676

)

 

 

 

 

(11,676

)

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

55,483

 

 

 

55,483

 

Balances at September 30, 2021

 

 

34,885

 

 

$

349

 

 

 

 

 

$

 

 

$

364,699

 

 

$

(21,683

)

 

$

1,105,557

 

 

$

1,448,922

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at December 31, 2019

 

 

35,263

 

 

$

353

 

 

 

 

$              —

 

 

$

357,032

 

 

$

(38,164

)

 

$

841,097

 

 

$

1,160,318

 

Issuance of common stock under employee stock plans, net of shares withheld for payroll taxes

 

 

272

 

 

 

2

 

 

 

 

 

 

 

 

 

(5,715

)

 

 

 

 

 

 

 

 

(5,713

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,754

 

 

 

 

 

 

 

 

 

11,754

 

Repurchase of treasury stock

 

 

 

 

 

 

 

 

(445

)

 

 

(25,000

)

 

 

 

 

 

 

 

 

 

 

 

(25,000

)

Retirement of treasury stock

 

 

(445

)

 

 

(4

)

 

 

445

 

 

 

25,000

 

 

 

(4,504

)

 

 

 

 

 

(20,492

)

 

 

 

Foreign currency translation adjustments, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,280

 

 

 

 

 

 

2,280

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

119,252

 

 

 

119,252

 

Balances at September 30, 2020

 

 

35,090

 

 

$

351

 

 

 

 

 

$

 

 

$

358,567

 

 

$

(35,884

)

 

$

939,857

 

 

$

1,262,891

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at December 31, 2020

 

 

35,103

 

 

$

351

 

 

 

 

$                                 —

 

 

$

364,288

 

 

$

(15,455

)

 

$

993,245

 

 

$

1,342,429

 

Issuance of common stock under employee stock plans, net of shares withheld for payroll taxes

 

 

279

 

 

 

3

 

 

 

 

 

 

 

(8,444